Regulatory

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On December 17, 2008, the U.S. Securities and Exchange Commission (the “SEC”) voted 4 – 1 in favor of classifying equity-indexed annuities as securities, subjecting them to federal regulation.  As discussed in our earlier posts here and here, the new rule, which takes effect January 12, 2011, seeks to clarify the status of indexed annuities under the federal securities laws. 

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Read More SEC Votes to Regulate Indexed Annuities

On December 17, 2008, Massachusetts Governor Deval Patrick signed House Bill No. 4508, An Act Protecting Military Services Members (the “Act), into law.  The purpose of the Act is to protect members of the armed forces from dishonest and predatory insurance practices by declaring certain acts or practices to be false, misleading, deceptive or unfair. …
Read More Massachusetts Law Aims to Protect Military Members from Predatory Insurance Practices

This blog updates our September 29, 2008 and December 8, 2008 postings.

A number of industry groups and interested parties have issued statements responding to the adoption of the Reinsurance Regulatory Modernization Framework Proposal (“Proposal”) at the NAIC Winter National Meeting, the adoption. …
Read More Industry Responds to Adoption of NAIC Reinsurance Modernization Proposal

On December 10, 2008, the Senate Finance Committee (the “Committee”) held a meeting to discuss proposed legislation (the “Proposal”) that would reduce the purported competitive advantage in tax treatment received by affiliated foreign reinsurers by altering the tax code to disallow deductions for a portion of reinsurance premiums ceded by insurance companies to affiliated foreign reinsurers who are not subject to U.S. taxation. …
Read More Senate Finance Committee Discusses Reinsurance Tax Legislation

Despite significant domestic and international concerns, the Argentine government has now made official its elimination of the country’s private pension system.  The Argentine legislature passed Ley 26.425 on November 20, 2008 and President Kirchner signed the law on December 4, 2008, establishing instead an Argentine Integrated Pension System (SIPA) to replace the current capitalization regime as of January 1, 2009. …
Read More Argentina Enacts Law Eliminating Private Pension System

Liberty Mutual Insurance Europe Limited  (LMIEL) was recently granted authorization by Brazilian insurance regulator SUSEP to do business in the country as an occasional reinsurer.  LMIEL was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel. 

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Read More Brazil: Liberty Mutual Insurance Europe Limited Obtains Occasional Reinsurer Authorization

The FSA has brought forward the date from which it will fully integrate TCF into its supervisory work from September 2009 to January 2009. Jon Pain, managing director of retail markets at the FSA, stated that the announcement means: “the FSA can deliver the benefit from the TCF programme more quickly. Our focus will be on the outcome for consumers. 

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Read More UK: Integration of the Treating Customers Fairly (TCF) Initiative Into the Core Supervisory Work of the Financial Services Authority (FSA)

On Tuesday, December 2, 2008, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autorité de Contrôle des Assurances et des Mutuelles, France’s insurance regulator (“ACAM”). 

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Read More New York Insurance Department Announces Cooperation Agreement With France